Cox & Kings
Historic travel and tourism brand originating as an eighteenth-century British military agency and later becoming an international tour operator.
Last updated October 17, 2026
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Overview
Cox & Kings is a historic travel brand whose origins date to 1758, when Richard Cox became a military agent serving British Army regiments. The business initially handled military administration and logistics rather than leisure tourism. Its duties included arranging payments, clothing, supplies, transportation, personal effects and other services for officers and soldiers. Through the eighteenth and nineteenth centuries, Cox & Co expanded its military-agency role, added banking and related commercial activities, and developed close connections with British imperial institutions and overseas markets. The company’s history reflects the changing relationship between travel, finance, logistics and empire. It operated at various times as a military agent, travel agent, printer, publisher, newsagent, cargo agent, ship owner, banker, insurance agent and dealer in travel-related services. As British military and commercial activity expanded, Cox & Co established overseas operations, including branches in India during the early twentieth century. It also developed banking and agency businesses, but postwar economic pressures eventually led to its sale to Lloyds Bank in 1923. Lloyds later transferred the Indian interests and associated travel and shipping agencies to Grindlays Bank. The Indian business was incorporated in 1939 as the Eastern Carrying Company and adopted the Cox & Kings name in 1950. During the late twentieth century, the brand returned its emphasis to travel and tourism. After Grindlays divested non-banking activities in the 1970s and 1980s, private interests acquired the travel business. Cox & Kings subsequently operated as a specialist tour operator, developing packaged holidays and special-interest itineraries for groups such as artists, botanists and natural historians. The company also built or acquired operations in the United States, Australia, the United Kingdom and other markets. During the 2000s and 2010s, Cox & Kings pursued international expansion and a broader travel portfolio. It acquired Tempo Holidays and Bentours in Australia, operated leisure and wholesale travel businesses, and expanded through the Holidaybreak group. It also acquired and later disposed of online accommodation and travel assets, including LateRooms, Superbreak and Explore Worldwide. The group raised capital through an Indian initial public offering in 2009, a global depositary receipt offering in 2010 and a qualified institutional placement in 2014. The company experienced severe financial stress in 2019. A liquidity crisis, defaults involving commercial paper and an inability to publish first-quarter financial results contributed to a sharp fall in its publicly traded stock. The UK business subsequently entered insolvency-related proceedings and was acquired by Abercrombie & Kent in December 2019, together with worldwide brand rights outside India. Cox & Kings India was declared insolvent in 2020 and underwent proceedings under India’s Insolvency and Bankruptcy Code. In May 2024, Singapore-based private-equity firm Wilson & Hughes acquired the Indian business and its brand rights through a process overseen by India’s National Company Law Tribunal. The acquisition included more than 200 associated sub-brands, including Luxury Escapades, Duniya Dekho, Bharat Dekho, Bhakti Yatra, Holiday 365 and Tour to Feast. The Indian business therefore continued under new ownership, while the UK and certain international rights remained associated with Abercrombie & Kent.
History
Cox & Kings traces its origins to 1758, when Richard Cox became a military agent after building experience in military administration and logistics. Military agents served as financial and commercial intermediaries for regiments: they arranged pay, clothing, supplies, transportation, commissions and personal requests. Cox & Co initially represented prominent British regiments and expanded its client base during the eighteenth century. A partnership with Henry Drummond in 1765 strengthened the firm’s banking connections, while later partners helped it grow into one of Britain’s largest military agencies. The company broadened its activities during the eighteenth and nineteenth centuries. In addition to military agency work, it became involved in banking, insurance, publishing, printing, news distribution, shipping and other commercial services. Its position benefited from the expansion of the British Empire and the increasing need to move personnel, goods and money across long distances. By the end of the nineteenth century, Cox & Co had become deeply established in British military administration and later opened branches in India between 1905 and 1911. The First World War brought a dramatic increase in the firm’s workload. Cox & Co handled a large military customer base, processed substantial volumes of payments and created special arrangements for American soldiers arriving in 1917. The postwar reduction in military activity then produced a severe downturn. Although the company acquired additional banking and overseas interests after the war, including Henry S. King Bank in 1922, its financial position remained weak. In 1923 it was sold to Lloyds Bank. During the 1930s, Lloyds transferred its Indian interests and associated travel and shipping agencies to Grindlays Bank. The Indian company was incorporated as Eastern Carrying Company in 1939 and changed its name to Cox & Kings (India) in 1950. In the 1970s, the business became more focused on travel and tourism as Grindlays reorganized its non-banking activities. Private interests acquired the travel operation after banking regulations required Grindlays to divest non-banking businesses. By the 1980s, Cox & Kings was operating as a specialist tour operator, with offerings that included tailored and special-interest holidays. It also established a United States presence in 1988. The group expanded internationally during the 2000s and 2010s. It developed businesses in the United Kingdom, Europe, North America and Australia, and acquired Tempo Holidays and Bentours in 2010. Its Holidaybreak interests connected the group with a range of leisure and accommodation businesses. Cox & Kings also acquired LateRooms in 2015 before selling it in 2016, and sold Explore Worldwide and other assets as part of portfolio reshaping. The group sold its camping division in 2014. Cox & Kings India became a listed company, completing an initial public offering in 2009, followed by a global depositary receipt offering in 2010 and a qualified institutional placement in 2014. The company’s expansion and capital raising were followed by financial stress. In 2019, it disclosed a liquidity crisis, commercial-paper defaults and a delay in reporting quarterly results. These problems led to insolvency-related proceedings and a collapse in the market value of the listed company. The UK business was acquired by Abercrombie & Kent in December 2019. That transaction covered the UK operations and Cox & Kings rights worldwide outside India. The Indian entity was declared bankrupt in 2020 and went through proceedings under the Insolvency and Bankruptcy Code. In May 2024, Wilson & Hughes Pte, a Singapore-based private-equity firm led by Karan Agarwal, acquired Cox & Kings India through a National Company Law Tribunal-supervised insolvency process. The transaction included more than 200 Indian sub-brands. Cox & Kings consequently remained an active travel brand, but its businesses and territorial rights became divided between different ownership arrangements.
- 2024
Wilson & Hughes acquires Cox & Kings India
[1]Wilson & Hughes acquires the Indian business and associated sub-brands through a tribunal-supervised insolvency process.
- 2020
Indian entity enters insolvency proceedings
[1]Cox & Kings India is declared bankrupt and proceeds through India’s insolvency framework.
- 2019
Liquidity crisis and UK acquisition
[1]A liquidity crisis leads to insolvency-related proceedings, after which Abercrombie & Kent acquires the UK operation and non-Indian worldwide rights.
- 2016
LateRooms and Superbreak sold
[1]The group disposes of LateRooms and Holidaybreak’s Superbreak business as part of portfolio restructuring.
- 2015
LateRooms acquired
[1]Cox & Kings acquires UK online accommodation specialist LateRooms.
- 2014
Camping division sold
[1]The group sells its camping division to Homair Vacances.
- 2010
International expansion and GDR issuance
[1]The group acquires Tempo Holidays and Bentours and issues global depositary receipts.
- 2009
Initial public offering
[1]Cox & Kings completes an Indian initial public offering.
- 1988
United States office opened
[1]Cox & Kings establishes a US office in New York before later relocating the operation to Tampa and then Los Angeles.
- 1950
Indian entity adopts the Cox & Kings name
[1]The Eastern Carrying Company changes its name to Cox & Kings (India).
Products and positioning
Heritage-led, specialist and premium travel brand spanning packaged holidays, customized journeys, destination services and selected wholesale travel activities.
Leisure travel
Packaged holidays
Cox & Kings has historically built its travel business around packaged holidays combining transportation, accommodation, guided activities and destination services. Packages have covered Indian and international destinations and have been sold through consumer-facing and trade channels.
Premium travel
Custom and luxury travel
The brand offers tailored itineraries designed around travelers’ preferred destinations, pace, interests and accommodation standards. Its premium positioning has included luxury journeys and specialist arrangements for customers seeking higher-touch planning and destination expertise.
Specialist tourism
Special-interest holidays
Cox & Kings has developed themed travel for interests such as art, botany and natural history. These programs use subject-specific content and destination interpretation to differentiate the company from mass-market package operators.
Travel trade services
Wholesale and destination services
Through its international subsidiaries, the group has supplied travel products to other tour operators and provided ground-handling capabilities in selected destinations. These activities support distribution beyond direct retail sales.
Indian travel brands · 2024
Cox & Kings India sub-brand portfolio
The 2024 acquisition of Cox & Kings India included more than 200 associated sub-brands. Examples identified in reference material include Luxury Escapades, Duniya Dekho, Bharat Dekho, Bhakti Yatra, Holiday 365 and Tour to Feast, covering premium, domestic, devotional, general holiday and themed travel propositions.
Controversies
2019
Liquidity crisis and reporting delay
Cox & Kings disclosed that it was unable to publish its first-quarter financial results amid a liquidity crunch and defaults on commercial paper. The episode preceded insolvency-related proceedings and a major decline in the company’s publicly traded stock.
2019
IATA terminates Cox & Kings’ licence to sell tickets
Cox & Kings announced that the International Air Transport Association (IATA) terminated its licence for selling tickets and asked the company to surrender its IATA ID Card. Cox & Kings said it had requested reinstatement of the licence against clearance of dues.
Brand decisions
2024
Acquisition of Cox & Kings India by Wilson & HughesM&ABackground
The Indian entity had undergone insolvency proceedings under India’s Insolvency and Bankruptcy Code since 2020.
Action taken
Wilson & Hughes Pte acquired Cox & Kings India and its associated brand portfolio through a National Company Law Tribunal-supervised process.
Aftermath
The Indian business continued under new ownership, with Karan Agarwal appointed director and more than 200 sub-brands included in the transaction.
2019
Sale of UK business and non-Indian rightsM&ABackground
Cox & Kings entered insolvency-related proceedings after a severe liquidity crisis.
Action taken
Abercrombie & Kent acquired the UK business and rights worldwide outside India.
Aftermath
The brand’s international ownership became divided, with Abercrombie & Kent operating the UK business while the Indian entity followed a separate insolvency process.
2016
Disposition of online and adventure-travel assetsStrategyBackground
The group continued to rationalize its portfolio after expanding into accommodation and specialist travel.
Action taken
Cox & Kings sold LateRooms, Superbreak and Explore Worldwide.
Aftermath
The disposals narrowed the group’s range of non-core travel assets before its later financial crisis.
2015
Acquisition of LateRoomsM&ABackground
Cox & Kings pursued a stronger position in online accommodation booking.
Action taken
The group acquired the UK hotel-booking specialist LateRooms.
Aftermath
LateRooms remained within the group until it was sold in 2016.
2014
Sale of camping divisionStrategyBackground
The group reviewed its portfolio of travel and leisure assets.
Action taken
Cox & Kings sold the camping division of its Holidaybreak subsidiary to Homair Vacances.
Aftermath
The disposal reduced the group’s exposure to camping and supported a more focused travel portfolio.
2010
Acquisition of Tempo Holidays and BentoursM&ABackground
Cox & Kings sought to broaden its international wholesale and leisure travel presence in Australia.
Action taken
The group acquired Melbourne-based Tempo Holidays and Sydney-based Bentours, retaining their respective trading identities.
Aftermath
The acquisitions expanded the group’s Australian distribution and specialist travel capabilities.
Recent events
- 2024
Wilson & Hughes acquires Cox & Kings India[1]
M&A · Bankruptcy
Singapore-based private-equity firm Wilson & Hughes acquired the Indian Cox & Kings business and related brand rights through an insolvency process overseen by India’s National Company Law Tribunal.
- 2024
Karan Agarwal appointed director of Cox & Kings India[1]
Leadership change · M&A
Following the acquisition of the Indian business, Karan Agarwal was appointed a director of Cox & Kings India.
- 2019
Abercrombie & Kent acquires Cox & Kings UK operations[1]
M&A · Bankruptcy
Abercrombie & Kent acquired the UK business out of administration and obtained Cox & Kings brand rights worldwide outside India through insolvency-related proceedings.
Sources4 sources
- 1Cox & Kingsen.wikipedia.org
- 2IATA terminates Cox & Kings’ licence to sell ticketsbusinesstoday.in
- 3Ebix acquires corporate travel business of cash-trapped Cox & Kingsbusiness-standard.com
- 4Ebix acquires Cox and Kings' business travel division, transfers agreements to Mercury Travel- Moneycontrol.commoneycontrol.com
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